Frequently Asked Questions

A brief overview of some of the questions

FAQS

Q: What is personal Loan?

A: This is the type of loans that are advanced to individuals particularly bankers, staff of oil &gas companies, telecommunication companies and some selected blue-chip companies. Personal loan is a guarantor based lending and not collateral based lending; this means that the prospective obligor will have to provide an acceptable guarantor that conforms to lending policy.

Q: Who is eligible to apply for personal loan?

A: Staff of banks, telecommunication companies, oil and gas and some selected blue-chip companies or conglomerates.

Q: Are there any hidden charges aside these charges?

A. There are no hidden charges

Q: Do I need to provide guarantors?

Yes

Q: How many guarantors can I provide?

A: one guarantor is required who must provide a single cheque leaf for current account applicants and three cheque leaves for savings account applicants.

Q: Who can I use as my guarantor then?

A: One guarantor from a reputable organization whose salary can accomodate the requested loan amount.

Q: How do I apply for personal loan?

A: You can apply by simply downloading the forms on the website and calling our hotline displayed or sending a mail to info@swisscredit.ng. You can also visit our office at 852B Bishop Aboyade Cole Street, Victoria Island, Lagos.

Q: How many days does it take to process loan in Swiss Credit?

A: it takes only 6 hours to process after which you will be credited provided all necessary documents are provided.

Q: How much should I earn as salary earner to qualify me for the minimum loan of N100, 000.00?

A: Your monthly salary should not be less that N70, 000.00 per month for you to qualify for the minimum loan amount of N100, 000.00.

Q: Do I need to provide collateral?

A: You don’t need to provide collateral as long as you can provide necessary requirements as listed in the personal loan requirements. The requirements can be obtained from credit department or the company’s website.

Q: Can I terminate my loan before maturity?

A: Yes. You can terminate your loan before maturity. We have arrays of highly experienced credit officers that will look into it and come up with amount you will pay as final settlement.

Q: Is it possible to collect more than one loan at a time?

A: No. You can only collect one loan at a time. You can access the second/repeat loan upon liquidation/ termination or pay off the existing facility.

Q: What is the age limit for your loan?

A: The age limit of the applicant should be between 20 years to 65 years old.

Q: Can I access above N1m and pay in 12 months?

A: No. You can only access between N100, 000.00 to N1m

Q: Can I increase or reduce my loan amount while it is running?

A: No. You can neither increase nor decrease your loan while the facility is running. You will need to terminate/pay off the existing facility first, before accessing for new loan be it lower or higher amount.

Q: Is the requirement for all categories of loan the same?

A: The requirements are not the same. It depends on the loan size and tenure.